You can't create Favorites, but you can choose which channels are in use by customizing the channel list in settings. So depending on your intended purpose for a Favorites list, this may or may not help you.

If you wanted to mark Favorites so that you wouldn't have to scan through a bunch of channels you don't watch, customizing the channel list will do that.

If, however, you wanted to switch back and forth between Favorites and All Channels, the only way to do that is to go back into your customized channels and choose all and then when you want Favorites again, go back into the settings and mark them individually again.

The latter would be pretty annoying if you switched frequently, of course. But if you were looking to mark Favorite channels to just use those channels on an ongoing basis without wanting to view the other channels, then just go into settings and customize your channel list.

Not that I'm aware of.

What do you need to know. I'm pretty familiar with it using IPTV, never used hdhomerun with it.

try CosmiDVR, it's a Live channels IPTV source and has a favorites option. The way the favorites work is that after you add the channels with CosmiDVR, go to channel you want to favorite and press Select, then select "Channel Options" and then select "Add to Favorites".

What this does is change the channel number and moves your favorite channels on top of the guide and also adds the channel to the Home Screen Favorites of CosmiDVR.

There is a LiveChannelsBeta - you could try asking there